Buying a Charlottesville condo can be an exciting experience. You get to choose the floorplan, exterior finish, and interior design of your new home.

There are so many factors to consider when buying a condo that it can seem overwhelming at first glance. To make the process easier for you, we’ve created this blog post with some helpful tips on how to buy a condo in Charlottesville.

Charlottesville condos while still, a quite NEW commodity offer many of the same amenities as single-family homes. For example, most condos have a swimming pool and fitness center.

In addition to their living accommodations, condos usually come with additional perks such as a carport, picnic area, or even walking trails. Buying a condo will allow you to enjoy all these benefits without

How to find your perfect Charlottesville condo?

When looking for a great condo, you should first look at the area it is in and check out surrounding neighborhoods before making any decisions. Condos that are located close to I-64 or other highways will usually have lower property taxes and less appeal since the builders have purchased land that nothing else can be used for.

What are the different types of condos?

There are two major types of condos; individually owned and community-owned.

Some things to look for when buying an individually owned condo:

1) Buying a Charlottesville condo can be complicated, make sure the unit is registered under your name. Before signing any papers, check with the condo’s board as they have the final say in all decisions.

2) Buying a condo is not considered an investment since it doesn’t generate monthly income as a rental property would. Additionally, buying a condo can be tricky for investors, as you cannot assume that your value will increase at the same rate as other markets.

3) Buying a Condo can be risky if you are not familiar with it. You should do some research on the condo before signing any contracts or agreements.

Some things to look for when buying a community-owned condo:

1) Buying a community-owned condo can be less expensive than an individually owned condo. Most Charlottesville condos operate like a homeowner association, and the maintenance fees are usually shared among all the units in the building/complex.

2) Buying a community-owned condo offers many benefits for you and the neighbors as they can offer security, maintain the grounds, keep the common areas clean and repair all property damage that may occur throughout the year.

3) Buying a community-owned condo ensures that your building will remain in good shape since it has been maintained properly by the management.

What are the advantages of buying a Charlottesville condo as opposed to renting one?

Buying a condo is beneficial because you have control over the building and its surroundings. You can also add value to the property by doing some simple renovations. Buying a condo gives you the chance to own your space without having to deal with any outside influences or restrictions.

Tips for finding your perfect home

Before you buy a condo, make sure that all the appliances will function properly and that all damage is documented in the inspection report. Buying a condo without seeing it first can expose you to potential problems such as broken floorboards, cracks in walls, plumbing issues, etc.

Conclusion: Charlottesville condos are usually cheaper than houses, and it’s much easier to get approved since the bank will not require as many conditions in order to approve your loan, such as a 20% down payment.  Buying a condo is a good option considering today’s housing market and economy. Buying a condo does not entitle you to any tax breaks or government grants, however, if you are looking to get into real estate investing, it is still an option.

Always use a savvy Charlottesville realtor (since 2003) and get the correct comps when you decide to make an offer on any Charlottesville homes.
Toby Beavers Charlottesville Realtor